The Wall Street Journal Book of International Investing: Revised Edition - Hardcover

The Wall Street Journal Book of International Investing, written by two Journal editors, is a clear, concise, and sensible guide to the ABCs of investing outside the United States. It provides solid background on international mutual funds and their cousins, closed-end country funds. For those intent on doing their own stock picking, the book explains how to buy individual foreign stocks on U.S. markets in the form of American Depository Receipts. Authors John A. Prestbo and Douglas R. Sease do a good job of outlining the special risks as well as the benefits of foreign stocks, including the risk associated with fluctuations in currency exchange rates. The book offers little in the way of specific tips, however, beyond favoring index mutual funds from Vanguard. It does wisely warn readers away from foreign bonds and from global mutual funds, which often dilute their international exposure with holdings in U.S. stocks. --Barry Mitzman